Grayscale submits SEC filing to convert Ethereum Trust to spot ETF

Following the clearance of the archetypal Ethereum (ETH) futures exchange-traded money (ETF), Grayscale Investment is acceptable to person its Grayscale Ethereum Trust to a spot Ethereum spot ETF. 

The New York Stock Exchange Arca filed for the conversion with the United States Securities and Exchange Commission (SEC) connected Oct. 2. The existing Trust invested successful Ethereum futures contracts arsenic an indirect means of vulnerability to ETH, portion a spot ETF volition put successful the underlying plus itself. 

— Sonnenshein (@Sonnenshein) October 2, 2023

Grayscale CEO Michael Sonnenshein announced the determination connected X (previously Twitter) and highlighted the concern managers intent to supply accepted concern products offering vulnerability to cryptocurrency assets:

“As we record to person ETHE to an ETF, the earthy adjacent measurement successful the product’s evolution, we admit this arsenic an important infinitesimal to bring Ethereum adjacent further into the U.S. regulatory perimeter.”

The Grayscale Ethereum Trust was launched successful March 2019 and went onto go an SEC reporting institution successful Oct. 2020, giving the nationalist nonstop penetration into the show of its cryptocurrency concern vehicle.

At the clip of writing, the Ethereum Trust was valued astatine $4.9 billion, and accounts for astir 2.5% of circulating ETH.